Opinion: Bitcoin [BTC] saw one of its most prolific bull runs over the course of its history during this time last year, pushing cryptocurrencies to mainstream attention and driving many economists to call it a bubble of epic proportions. With the cryptocurrency market as a whole worth over $800 billion, crypto-HODLers were at their ultimate destination: the top of the moon.
However, the landscape has changed remarkably since then, with the market shedding over $600 million to reach a value of just over $200 billion. Most ICOs have lost over 95% of their value, with the top currencies still undergoing significant losses.
Many have termed this the crypto-winter due to the general eroding of the market in the months since its meteoric rise. With one year down the line, it is interesting now to look back and see the beginning of the shooting star-esque rise of the bull’s power.
At this time last year, the price of Bitcoin was at $7195 and dropped to $5975 on November 12th. This was the last significant drop that the price saw before its bull run. Within 1 month and 4 days, the coin underwent a 228.9% increase from November 12 to December 17 to reach its all-time high of $19,655.
This was also accompanied by increasing media hype for the coin, with daily price updates continuing to increase the bubble-like nature of the coin. While the aftermath of the price hike has seen the coin languish around the $6500 range currently, the past year has been filled with regulatory, infrastructural and developmental advancements in the cryptocurrency space.
Similarly, Bitcoin Cash [BCH] went up by 379.6% from $758 – $3636 in a month and 11 days from November 10 to December 21. This was also preceded by a hike in the price of BCH owing to its then-recent hard fork.
XRP ruled the roost in percentage increases and was documented very closely by the crew of CNBC’s Fast Money show, who even created detailed tutorials on how to buy and sell the coin. It went up by 1391.803% from December 8 to January 4 from a price of $0.244 to $3.64 in just 27 days.
Similarly, Ethereum [ETH] went up 348% from $300 to $1344 in a span of 2 months between the 14th of November and January. Litecoin [LTC] achieved a growth of 506.667% from $60 – $364 from November 10 to December 19 in 1 month and 8 days.
While no one really knows whether crypto-winter has ended or not, it is very evident that the space has added more value in terms of the advancements made over this time. Regulators are beginning to take a more transparent approach to the cryptocurrency market, with many such as Malta creating a fleshed-out regulatory structure in order to attract new companies. Moreover, the movement of institutional investors into the space can be seen with the upcoming launch of the physically settled futures contracts by the parent company of the New York Stock Exchange known as Bakkt.
The market continues to be filled with more exciting news for each coin, generally pushing forward the definition of how the blockchain and cryptocurrency industries are being perceived by the general population. The volatility and wild swings of the mature market might be behind us, with the next bullish movement to be driven by adoption by the general population, the utility of existing tokens and their general integration into existing financial infrastructures. Whichever outcome, one thing is for sure. Cryptocurrencies are here to stay.
The post XRP, Bitcoin [BTC], Ethereum [ETH] and Litecoin [LTC] bull run last year started in November: The outlook 1 year down the line appeared first on AMBCrypto.
Author: Anirudh VK